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After two years of campaigning by ARLA the Government have just confirmed that they will be introducing compulsory money protection and it will become mandatory for all agents to offer this greater level of protection for landlords and tenants.
Tenants and landlords who currently use ARLA agents already benefit from compulsory money protection and ARLA have campaigned tirelessly that this should apply to all letting agents. Andrew Luxton MRICS FARLA, Partner in charge of Stags Residential Lettings Department, confirms that this will further provide safeguards to landlords and tenants, in the event that agents misappropriate their money. We constantly hear press regarding “rogue landlords” but there are many examples of rogue agents who are not part of any professional body and do not offer any protection in the event of landlords or tenants funds being misappropriated. Andrew Luxton confirms that it is a significant step forward in regulating the letting industry and ensure that rogue agents are driven out and the quicker that this law comes in to force the better.
If you require further information as to the benefits of using an ARLA agent then contact your local Stags office or visit the website on stags.co.uk.